Business
FTC Solar Announces Fourth Quarter 2023 Financial Results
Fourth Quarter Highlights and Recent Developments Fourth quarter revenue of $23.2 millionContinue to improve cost structure to lower break-even revenue
About this update from Ftc Solar, Inc.
[{"type":"text","content":"Fourth Quarter Highlights and Recent Developments\nFourth quarter revenue of $23.2 millionContinue to improve cost structure to lower break-even revenue levelAdded approximately $213 million to backlog1 since Nov. 8; acceleration in contracted projectsAnthony Carroll appointed Chairman of Customer Advisory Board AUSTIN, Texas, March 13, 2024 (GLOBE NEWSWIRE) -- FTC Solar, Inc. (Nasdaq: FTCI), a leading provider of solar tracker systems, software and engineering services, today announced financial results for the fourth quarter ended December 31, 2023. Fourth Quarter Results“The company's fourth-quarter results were in line with our targets,” said Shaker Sadasivam, Chairman of the Board of FTC Solar. “Along with those results, the company is making good progress advancing key initiatives that will support the company’s future growth and profitability. These include: Accelerating contracted projects through improved customer engagement and an enhanced product portfolio;Improving gross margin potential by reducing product cost;Further lowering the breakeven revenue level through continued operating efficiencies; andImproving business processes across the business with particular emphasis on customer engagement, customer satisfaction, and purchase orders.” “As it relates to our CEO succession plan, we have begun searching for our next CEO and have seen great interest. The Board is focusing the processes on highly qualified candidates both within the industry and adjacent industries to identify a CEO capable of leading the company for a long tenure. We have a shortlist of excellent candidates and will plan to name a successor at the appropriate time when the process has concluded.” Approximately $213 million has been added to backlog1 since November 8, with total backlog now standing at approximately $1.7 billion. Summary Financial Performance: Q4 2023 compared to Q4 2022 U.S. GAAP Non-GAAP Three months ended December 31, (in thousands, except per share data) 2023 2022 2023 2022 Revenue $23,201 $26,220 $23,201 $26,220 Gross margin percentage 3.0% (7.3%) 4.8% (3.4%)Total operating expenses $12,428 $17,947 $10,848 $9,971 Loss from operations(a) $(11,736) $(19,861) $(10,050) $(10,976)Net loss $(11,177) $(20,501) $(9,657) $(11,499)Diluted loss per share $(0.09) $(0.20) $(0.08) $(0.11) (a) Adjusted EBITDA for Non-GAAP Total fourth-quarter...